# Winsorized Robustness (p1/p99)

## Extreme Values

| Variable | Min | Max | p1 | p99 |
|---|---|---|---|---|
| gross_national_savings_gdp | -236.24 | 372.98 | -5.26 | 55.80 |
| private_saving_gdp | -212.51 | 383.06 | -1.80 | 54.30 |
| govt_saving_gdp | -70.46 | 51.52 | -18.47 | 17.76 |
| gross_investment_gdp | -15.68 | 76.78 | 3.84 | 48.91 |

## Comparison: Baseline vs Winsorized

| Dep Var | Z1 Baseline | Z1 Winsorized | Change (%) | Baseline p | Winsorized p |
|---|---|---|---|---|---|
| National Savings | 90.16 | 91.07 | +1.0% | 0.0000*** | 0.0000*** |
| Private Saving | 59.99 | 46.52 | -22.5% | 0.0001*** | 0.0022*** |
| Govt Saving | 22.31 | 12.42 | -44.3% | 0.0028*** | 0.0473** |
| Investment | 32.18 | 29.26 | -9.1% | 0.0085*** | 0.0114** |

*Savings and investment variables winsorized at 1st and 99th percentiles.*